GSBDC Finances New Building for Clay Eye Center

Posted 06.01.11

Loan: SBA 504

Dr. Safran established his ophthalmology practice in Liverpool  NY over 10 years ago as a sole proprietorship under the d/b/a Clay Eye Center.  The practice provides state of the art ophthalmic care for adults and pediatric patients offering examinations, refractions and surgical procedures for common ocular disorders.

In addition to traditional ophthalmology services, Dr. Safran is also a partner in the Liverpool Specialty Surgery Center built in 1998 by a group of ophthalmologists to better serve their patients needs.  The Surgery Center is designed to perform same day surgeries that do not require an overnight hospital stay.  Surgeries at the center include: cataract, corneal transplant, eye muscle (strabismus), eye plastic, excimer, glaucoma and yag laser.

The newly renovated facility, a former Wilson’s Farms building on Rte 57 in Liverpool,  is less than a half mile from his previous offices in the Clay Medical Center Building making an easy transition for patients and staff.  The new facility provides individual offices for the Doctor and staff, an optical store and a lunch room.  According to Dr. Safran, “We created a beautiful contemporary office which will allows us to provide better eye care to the community.  So far the reaction among our patients has been very enthusiastic.”

GSBDC provided a $248,000 SBA 504 loan to assist with the purchase and renovation of the existing building.  The program gave Dr. Safran the benefit of a 20 year fixed rate second mortgage on 40% of the total project cost while minimizing the equity injection required of the practice to 10%.

M&T Bank provided 50% of the project financing in a first mortgage position.  According to Angelo Testani, Vice President “This is exactly the type of project M&T wants to be part of.  Dr Safran, through the SBA 504 program and M&T Bank, was able to transform a vacant building into a modern optical shop and ophthalmology office.”

The Clay Eye Center has already added two new positions: an optometrist to service the new eyeglass store and a receptionist bringing their employee count to seven.  Dr. Safran anticipates he will require three additional employees over the next three years to accommodate further growth including another ophthalmologist, an optometrist and an additional support staff.